Bullish Butterfly in PPT (Populous). A walkthrough.
I posted this at the lows in another trading chat room, and am posting here as a nice example of harmonic price action.
On this 1hr PPT 0.95%chart, we see price dive today with the broad crypto selloff. I was watching this setup for the break of the 19.50 area... the .786 of the last swing, which is always the most crucial point, in my Fibonacci view. Price moves to 1.27 the vast majority of the time. This must be tempered within the broader context i.e. if key moving averages are in the way, other obvious hiccups that could delay it, etc, and it looked good.
Today we quickly dove to the 1.27 extension, which also triggered a fairly tight Butterfly pattern , which can aggressively be bought right in the 15 dollar range. I know people like the btc -0.45%and eth ratios often more than dollar chart analysis. Agreed, it's important to know your price relative to increase in BTC -0.45%. But I consistently find charts really respond well to dollar prices too. And Tradingview makes it easy to review such charts too.
The result was a very swift move off the Fibonacci entry target in the low-mid 15 range. Price currently sits at 17.75. There's a roughly 2/3 chance that price will reach the 'B' level right near 20, based on statistics from Bulkowski. Profit is locked in and the trade can proceed.
On this 1hr PPT 0.95%chart, we see price dive today with the broad crypto selloff. I was watching this setup for the break of the 19.50 area... the .786 of the last swing, which is always the most crucial point, in my Fibonacci view. Price moves to 1.27 the vast majority of the time. This must be tempered within the broader context i.e. if key moving averages are in the way, other obvious hiccups that could delay it, etc, and it looked good.
Today we quickly dove to the 1.27 extension, which also triggered a fairly tight Butterfly pattern , which can aggressively be bought right in the 15 dollar range. I know people like the btc -0.45%and eth ratios often more than dollar chart analysis. Agreed, it's important to know your price relative to increase in BTC -0.45%. But I consistently find charts really respond well to dollar prices too. And Tradingview makes it easy to review such charts too.
The result was a very swift move off the Fibonacci entry target in the low-mid 15 range. Price currently sits at 17.75. There's a roughly 2/3 chance that price will reach the 'B' level right near 20, based on statistics from Bulkowski. Profit is locked in and the trade can proceed.
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